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Peekskill finance outlines $27M-plus in outstanding bonds, parking garage borrowing in short term notes
Summary
City finance staff reported about $27.1 million of outstanding long-term bonds, nearly $4.8 million in leases and recent 2025 bond anticipation notes tied to capital projects; staff said some short-term notes will be rolled into longer-term financing next year, and described payoff timelines into the 2030s.
Comptroller Toni Tracy gave a detailed debt-service briefing during the budget presentation, walking through outstanding long-term bond totals, lease obligations and the bond-anticipation notes issued in 2025. She said the city shows approximately $27,125,000 of outstanding long-term bonds and roughly $4,838,921 in leases as of the end of the current year.
Tracy described bond categories that include water-project EFC bonds, central firehouse debt, parking-garage financing and general-purpose public-improvement bonds. She said some short-term notes (a bond anticipation note for an Oakwood Drive project and equipment purchases) are due next year and that the city anticipates moving some of those items into long-term financings to reduce issuance costs.
On the parking-garage/Momentum project, Tracy said the 2025 borrowing covered construction and equipment and that the plan is to combine long-term financing once developer contributions or in-lieu parking payments are confirmed. She reviewed payoff dates by fund — for example, she said several water-fund bonds will be paid off by about 2033 — and noted the overall debt schedule currently extends into the 2030s and 2040s.
Councilmembers asked for additional analysis of interest-rate impacts and the drivers behind a roughly $300,000 interest-related uplift in 2026, and Tracy agreed to bring back an amortization/interest-rate breakdown.
